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EUROPE
The leaders of seven
southern European countries called for more public spending to boost the EU’s
slow economic recovery even as their own political weakness undermines the
credibility of their initiative. The call will likely be met with skepticism if
not outright opposition in Germany.
‘Self-flagellation’ of
the past a blot on EU economic history * EU nations had cut public spending,
infrastructure projects
G-20 leaders support
Europe’s demand for ‘level playing field’ * Basel Committee aims to finish
framework revision this year
Germany's Schaeuble
blames ECB for German export surplus – Reuters
UNITED
KINGDOM
France's Macron against
UK finance 'passports' post-Brexit: report – Reuters
U.K. Mustn’t Get
Competitive Edge After Brexit, Danish PM Says – BB
The Brexit bounce that’s
making doom-mongers look foolish – The Spectator
OTHER
Friday saw one of the biggest jumps in the volatility index that we have
seen for some time. So is it a one off technicality from over positioning in
the market or the sign of something more to come?
The equity markets dropped and USD firmed as the global yields broke
higher. But higher long rates, steeper curves is ultimately good news for
banks, the economy and thus markets. With ECB on hold, BoJ is next big thing -
not only for Japan, but globally.
The most recent turmoil could last longer and be harder to reverse.
Where was the president in the eight hours after the Sept. 11 attacks?
The strange, harrowing journey of Air Force One, as told by the people who were
on board.
REGULARS
Bonds and equities sell off, focus
on Brainard today * Danish inflation and Fed speeches today * Selloff caused by
taciturn Draghi means 10Y Bund yield is positive * The USD and EUR soar as
yields rise
Last week's European Central Bank
meeting appeared to show a central bank at its limit but do the FOMC and BoJ
feel similarly constrained?
Markets Off to A Wobbly Start
Daily Market Comment
– Macro Man
Tantrums
Chemical brothers.
Europe Daily
– WSJ
Cameron Goes, Tsipras Falls to
Earth, Bond Market Tantrums
Danish PM calls for “peaceful”
Brexit but warns UK must not get “competitive advantages” * Macron warns UK
over loss of EU financial services ‘passport’, while office capacity
constraints threaten to disrupt any movement of financial services from London
* Home Secretary commits to cutting immigration to “tens of thousands” and
refuses to rule out prospect of UK citizens facing visas to travel to Europe * Hammond
rows back on Osborne’s pledge to cut corporation tax post-Brexit * Calls for
Government to push ahead with infrastructure investment after Brexit * Franco-German
paper outlines proposals for EU ‘defence union’ * EU Commission to push ahead
with plans for common Eurozone budget and jobless scheme * Rift between EU and
IMF is hurting Greek recovery, Tsipras says
Tusk’s game plan — Roaming disaster
— Georgieva for UN?
"Global Market Rout" -
Bond Selloff Snowballs Into Stock Liquidations On "Stimulus Pullback"
Fears
Currency traders sought safety in
the most liquid currencies as the G3 are firm amidst an ugly unwinding of carry
trades after last week’s ECB disappointment and further hawkish tones from the
US Fed.
Global assets are being hammered by
a tsunami of negative sentiment as investors and traders worldwide mull
Friday's 2.5% selloff in the S&P 500 fret about the likelihood that Wall
Street will continue lower today and that the Federal Reserve may spring a rate
hike next week.
FINNISH
Suomen
talouspolitiikan on totuttava uuteen aikaan * BoE ei muuta torstaina
rahapolitiikkaansa * Torstaina julkaistaan USA:n vähittäismyynti ja
teollisuustuotanto * Venäjän keskuspankki laskee ohjauskorkoa perjantaina
Toivotaan
parasta